Frequently Asked Questions

The financial year (FY) is from April 1 to March 31, during which you earn your income. The assessment year (AY) is the following year when your income is assessed and taxed.

Individuals whose income exceeds the basic exemption limit, companies, firms, LLPs, and other entities must file income tax returns. Specific conditions apply based on age, income source, and other factors.

The basic exemption limit varies: ₹2.5 lakh for individuals below 60 years, ₹3 lakh for senior citizens, and ₹5 lakh for super senior citizens.

Income from house property is taxed under the head "Income from House Property." It includes rental income from property and is calculated after deducting municipal taxes, standard deduction, and interest on home loans.

TDS is a mechanism where tax is deducted at the source of income. It applies to various payments such as salary, interest, rent, and professional fees. The deducted tax is deposited with the government.

You can e-file your income tax return on the official income tax e-filing portal. The process involves registering, choosing the correct ITR form, filling in details, and submitting the form online.

Failing to file an income tax return on time can result in penalties, interest on the unpaid tax, and the possibility of prosecution. Late filing fees may also be applicable.

Yes, you can revise your income tax return if you discover any errors or omissions after filing. The revised return must be filed before the end of the assessment year or before the completion of the assessment, whichever is earlier.

You can check your refund status on the income tax e-filing portal using your PAN and assessment year details.

The AIS is a comprehensive statement of your financial transactions provided by the Income Tax Department. It includes details of income, investments, and financial activities reported by various entities to the tax authorities. The AIS helps taxpayers ve